HOME IMPROVEMENT – THE NEXT BIG MARKET FOR STARTUPS
The home improvement industry is predicted to grow at a fast pace in the coming years. This can be attributed to a number of different factors such as technological innovations, a stable economy, and a growing number of new homeowners with enough disposable income to spend on home improvement projects. This coupled with the increasing number of online content about DIY home improvement projects and easily accessed information, it stands to reason that this prediction is accurate.
This suggested trend is a far cry from just a decade ago when the world was feeling the impact of the recession. A lot of people lost their jobs, went homeless, and had to prioritize their needs rather than their wants. Obviously, the home improvement market wasn’t at its peak. It doesn’t make any sense to renovate the kitchen when people can barely pay their mortgage.
But that’s all changed and have been put in the past. The stable economic climate made people confident about the future. They’re more willing to spend on things that are not necessarily considered a necessity. With this, came a slow and steady rise of the home improvement industry.
Contractors are seeing a surge in home renovations and remodeling projects, big and small. Landscape artists are experiencing a good couple of years with people having the time and money to decorate and improve their yards. That extra room they so badly want to add can now be possible and they have the means to do so.
The growth in the industry is also motivated by the growing number of new homeowners who are keen on having the latest trends in home furnishing or putting in the effort to make their new house into a comfortable home. Add to that, a lot of these new homeowners – the millennial generation – don’t want to buy a fully furnished but expensive home. Those with the means to buy their home want to put as much of their personality into it.
A lot of people are also buying homes that need some simple repair and remodel rather than brand new ones. These people prefer to start their family, children, pets, or whatever their social system is in homes that reflect their philosophy and lifestyles. And according to findings, many homeowners have the tendency to explore and experiment with innovative home improvement ideas to make their homes into a space that’s more comfortable and efficient. Existing homeowners are also more inclined to remodel and fix up their old homes rather than take out another mortgage to buy a new one.
All this is to say that home improvement startups are sure to experience success in their ventures, especially the ones that are better equipped to cope with the demand. It’s also important to note that local construction companies will also experience this boom in demand if they’re able to transition their services towards home improvement services. For the most part, the real winner in this scenario is the home improvement stores. From roofing products to tools and equipment, they should expect to see an increase in demand for these items.